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Why We Should Be Securing Social Security Now

Social Security is vital to the financial well-being of many Americans, directly benefiting one­‑fifth of the population. However, the Trustees who oversee it warn that an aging society will strain the current system. They call for timely changes to make the program sustainable for future retirees. Implementing reforms sooner rather than later, as the Trustees suggest, will ease the changes by spreading them out and by giving those affected more time to prepare.

Demographic changes threaten Social Security’s long-term sustainability and the problems are already beginning to surface

An aging population means more retirees receiving benefits and fewer workers paying into the system through payroll taxes, which will severely stress Social Security’s finances.

In 1950, the ratio of workers to Social Security retirees was 16:1. Today, that ratio is less than 3:1. By 2030, it will be almost 2:1.

Since 2010, Social Security has been paying out more in benefits than it takes in through revenue and that trend is expected to continue indefinitely.

Reform is necessary for Social Security and the federal budget overall

The combined Social Security trust funds will run out of money by 2034 according to its Trustees, or as soon as 2029 according to the Congressional Budget Office. See more on Social Security’s finances.

All beneficiaries will see an immediate, across-the-board benefit cut of 23 percent when the trust funds are exhausted.

The problem is real and will affect everyone. For example, a typical person born in 1990 will be 44 years old when the trust fund runs dry and will see a cut of over $160,000 in scheduled lifetime benefits unless action is taken. See how you would fare with this tool.

Social Security is currently the largest single federal program, comprising almost a quarter of the federal budget and growing. Putting it on a sustainable course will benefit federal finances as a whole.